Are Stocks Ahead of Themselves?

(Editor's Note: Weitz is president and founder of Weitz Funds and Hinton is the firm's director of research. A longer version of this commentary, which includes the latest quarterly performance figures for Weitz Funds, is available on the company Website.)

Bonds, as we have discussed in recent letters, have probably come to the end of their 30-year bull market. Their yields are artificially depressed (and prices artificially inflated) by Federal Reserve actions. This leaves bond investors in an awkward position. We do not...